FFS Data files Chapter 11
Despite the rise in foreclosures this year, and foreclosure search sites are enjoying increased traffic, FFS Data, the parent company of Foreclosure.com, ForeclosureFreeSearch.com, and ForeclosureDatabase.com filed for Chapter 11 reorganization on December 23rd after 10 years in business, and the news had but a brief press mention on January 1st.
The holidays have concealed the news and FFS Data has lucked out by rolling their $9.1 million in assets and $27.5 million in debts into a Chapter 11 with a pretty bow on it with barely a nod from the public, despite a gross income of $15.7 million in 2009.
FFS Data has 50 contract employees which didn’t get paid on the last payroll date of December 16th. President and CEO Brad Geisen, a Florida broker founded FFS Data and has remained active over the decade. Bradley Shraiberg, FFS Data’s Chapter 11 representation was unavailable for comment to the South Florida Business Journal.
How does a multi-million dollar internet real estate company bankruptcy filing go unnoticed? Is egg nog and champagne that distracting? Perhaps. Although it has not been made public why the bankruptcy has occurred, we are certain that this won’t be the last bankruptcy in the real estate industry we hear about this year.